Camden company to receive $1.88 million to offset electricity costs

Wednesday

Sep 30, 2009 at 12:01 AMSep 30, 2009 at 1:42 PM

Nearly $8 million will be available to companies struggling with high energy costs this year, and one local manufacturer is slated to receive more than 20 percent of the funding, the New York Power Authority announced Wednesday.

JENNIFER BOGDAN

Nearly $8 million will be available to companies struggling with high energy costs this year, and one local manufacturer is slated to receive more than 20 percent of the funding, the New York Power Authority announced Wednesday.

International Wire Group, a Camden-based manufacturer and marketer of wire products, will be awarded up to $1.88 million to offset its energy costs. In exchange for the funds, the company has committed to maintaining the 300 jobs at its local facilities, officials said.

The state funding — known as industrial incentive awards — will help “energy-intensive” manufacturers, which could be considering relocating out of state due to economic difficulties, to offset their costs. In exchange, the companies are required adhere to maintaining specified job levels, state Power Authority spokeswoman Christine Pritchard said.

“The awards will help these companies compete effectively in this economic climate,” said Pritchard, adding that a number of companies had recently expressed concerns about the ability to make it through the fiscal crisis in light of high electricity costs.

International Wire Group Chief Executive Officer Rodney Kent said he was “grateful” for the award and thanked officials “for their support to keep our manufacturing plants competitive with this economic incentive.”

In addition to International Wire Group, Nucor Steel Auburn, Inc. will be awarded up to $2 million and Positive Promotions of Hauppauge will receive up to $100,000. Another $3.9 million remains available for awards this year, officials said.

The economic development program is committed to last for three years, and the three companies that received awards will have the option of renewing the awards for the coming years. However, the amount of funding that will exist for the following two years has not yet been determined, Pritchard said.